The law firm of Oakes & Fosher is currently investigating the possible misconduct of former securities broker Steven Reznik. According to his publicly available FINRA BrokerCheck report, Steven Reznik has been the subject of numerous customer disputes.

Steven Reznik operated most recently as a Florida based securities broker. He worked in the securities industry for thirty-five years. During his career, he was registered with five different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • Metropolitan Life Insurance Company (1982)
  • Dean Witter Reynolds Inc. (1983-1988)
  • Integrated Resources Equity Corporation (1988-1989)
  • Pebsco Securities Corp. (1989-1992)
  • Raymond James Financial Services (1989-2018)

The Allegations

  • In June 2017, a customer alleged that Steven Reznik executed unauthorized trades and recommended unsuitable investments. This case was settled for $15,000 in damages.
  • In July 2018, a customer alleged unauthorized trading and unsuitability. This case was settled for $12,961 in damages.
  • In August 2018, a customer alleged that Steven Reznik recommended unsuitable securities, engaged in common law fraud, breached contract, and breached fiduciary duty. This case was settled for $32,500 in damages.
  • In September 2018, a customer alleged unsuitability, common law fraud, breach of contract, breach of fiduciary duty, and violation of the Florida Securities Act. This case was settled for $14,999 in damages.
  • Also in September 2018, a customer alleged unsuitability. This case was settled for $10,000 in damages.
  • Also in September 2018, a customer alleged that Steven Reznik made material misrepresentations and omissions, executed unauthorized trades, engaged in fraud, breached his fiduciary duty, and handled their account negligently. This case was settled for $145,000 in damages.
  • In October 2018, a customer alleged unsuitability, negligence, fraud, breach of contract, and breach of fiduciary duty. This case was settled for $30,000 in damages.
  • In November 2018, a customer alleged unsuitability, over-concentration, unauthorized trading, negligence, violation of FINRA rules, breach of contract, and breach of fiduciary duty. This case is currently pending. The customer is seeking $125,000 in damages.
  • In January 2019, a customer alleged negligence, violation of FINRA rules, breach of contract, and breach of fiduciary duty. This case is currently pending. The customer is seeking $100,000 in damages.
  • In March 2019, a customer alleged that Steven Reznik recommended unsuitable securities, over-concentrated their account, breached his fiduciary duty, handled their account negligently, made intentional misrepresentations, and breached contract. This case was settled for $275,000 in damages.
  • Also in March 2019, a customer alleged negligence, breach of contract, and breach of fiduciary duty. This case is currently pending. The customer is seeking $500,000 in damages.
  • Also in March 2019, a customer alleged that Steven Reznik over-concentrated their account, executed unauthorized trades, handled their account negligently, breached contract, breached his fiduciary duty, and violated FINRA rules. This case is currently pending. The customer is seeking $60,000 in damages.

What Does this Mean?

Securities brokers are required to disclose all relevant information concerning potential investments when pitching them to their customers. When a securities broker intentionally or negligently leaves information out, it is referred to as omission. They are also required to disclose all information honestly. When a broker provides their customer with false information, it is referred to as misrepresentation. Misrepresentations and omission can occur either on purpose, through the broker’s intent to defraud, or by accident, through the broker’s own negligence. Regardless of the broker’s intent, misrepresentation and omission can cause significant financial harm to investors. This is because these acts can cause investors to make crucial financial decisions based on misinformation.

Oakes & Fosher can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is, investors who have lost money in this fashion, may be entitled to damages. Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Steven Reznik, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.